Got an offer to buy my land today.... Wasn't looking to sell it

[mr ed]

Maybe its a rich neighbor that don't like you shooting there and wants to get rid of you.
A friend of mine got the house he lived in bought out from under him by the next door neighbor.
She didn't like him and after 30 years of living next to each other, she bought it from the guy that owned it for $160k
(double its value) and bulldozed it.

 

[FullAuto]

Counter at $70k and buyer pays all closing costs, then wait for the counter offer.

 

[AllOut]

A little more info....
The land is on the river (verdigris), has a partial pond but no well (it's rual water there) . I don't own the mineral rights either, couldn't get them. But there are old oil/gas wells around it and from what I was told the land is 98% depleted "those" minerals. The people who own the mineral rights (7 people) all live in Europe and have no desire for it.
It is flood plain, the back is 100 year the front is 500 year and FEMA is supposed to remap it and take that off soon.
It's road frontage, paved/asphalt with all utilities at the road but not to the property.
It's a mile off the high way, a couple more to the turnpike. Bout 15 min to BA, 20-25 min to Tulsa. Boat ramp to the river (33 landing) is a mile from it.
The same guys is offering to buy all the other pieces around me. We think its the guy who leased it all for cattle before they split it up and sold it. He bought a few pieces but was mad they didn't wait to offer him all of it.

 

[DPI]

You do realize you will have to pay taxes on the gains, right?

 

[Billybob]

If you own water rights do not sell, if it has a well you likely have water rights.

The reason they are offering more and willing to pay for it is because........*drum-roll* THE LAND IS WORTH IT!

I am willing to bet if it has water it is more valuable than even you will know in your lifetime.

I would probably offer you 60k if it had water on it today depending on flood plain and a few other factors. They can't build more land. Well Dubai can....but who wants to live on piles of sand. Land is one of the only physical things we can own that they can't make more of, and becomes more valuable with time indefinitely, McMansions and N.I.N.J.A. loans not applicable

I have 2 wells and lots of runoff but know nothing about the water rights, where would I begin to look/study to learn about the subject?

 

[ripnbst]

Keep it. If there were similar properties that you could replace it with, that guy would have already bought one.

I have been trying to buy land for several months with little luck. Getting a profit is nice, but it may cost you more later when or if you decide to replace it.

I agree. Keep it. In 5-10 years you could sell it for even more. Land VERY RARELY goes down in value.

 

[DPI]

I agree. Keep it. In 5-10 years you could sell it for even more. Land VERY RARELY goes down in value.

Mark Twain said: "Buy land, they're not making it anymore".

 

[AllOut]

You do realize you will have to pay taxes on the gains, right?

If I don't put it back into more land then yes
But if I decide to sell it, which i don't really want to. I'd just take that money and buy more land with it.
The only way ill sell it is if I can find another property I want to buy to replace it.

 

[CODE_3]

You do realize you will have to pay taxes on the gains, right?

You only have to pay taxes, if you make for than $250,000 profit on a property or if it's used as a business. That's how it works if there is a house on it at least.

 

[DPI]

I would find out who wants to buy it. If it's Bushyhead, I wouldn't sell it! He buys land cheap in the area and rezones it to make a large profit. They may be trying to develope that area with cheap housing if its where I think it is. Who is the realtor?